TDX GROUP ACQUISITION
|9 Months Ended
Sep. 30, 2014
|Business Combinations [Abstract]
|TDX GROUP ACQUISITION
2. TDX GROUP ACQUISITION
On January 15, 2014, we acquired 100% of the stock of TDX Group (“TDX”) for $322.8 million. TDX is a data and technology company in the United Kingdom that specializes in helping lenders and creditors optimize collection and recovery performance through the use of analytics, data exchanges and technology platforms. This acquisition has broadened our service offerings within collections. The results of this acquisition have been included in our International and USIS operating segments.
Purchase Price Allocation. The following table summarizes the estimated fair value of the net assets acquired and the liabilities assumed at the acquisition date. The allocations are considered final, except for the resolution of certain contingencies all of which existed at the acquisition date, primarily related to the finalization of working capital as well as certain tax items, which will be resolved when final returns are filed related to the acquired entities. Estimates for these items have been included in the purchase price allocations and will be finalized prior to the one year anniversary date of the acquisition.
The primary reasons the purchase price of the acquisition exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, were expanded growth opportunities from new or enhanced product offerings and the acquisition of an assembled workforce that are not recognized as assets apart from goodwill.